“We are at the initial stage of a recovery,” said Mo Zhaoheng, investment director at Guangzhou Hanma Investment Management. “It would benefit stocks, while troubling fixed income assets.”
The assets under management of Chinese equity mutual funds rose 8.7 percent to 2.47 trillion yuan in the fourth quarter, after dropping 7.3 percent a quarter earlier, while that of bond funds fell 6.9 percent to 7.4 trillion yuan after rising for six straight quarters, according to TX Investment Consulting.
New launches of equity funds in the fourth quarter also remained subdued, Lei Meng, China equities strategist at UBS Securities said, while noting that such issuance of funds usually lags stock market performance for about three months.
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